[SMM Nickel Midday Review] Nickel Prices Continue to Correct on January 9, MIIT and Three Other Departments Jointly Hold Battery Industry Symposium

SMM Nickel January 9 News:

Macro and Market News:

(1) The Ministry of Industry and Information Technology (MIIT) and three other departments jointly held a forum on the power and energy storage battery industry on January 7 to study and arrange work on further regulating competition order in the power and energy storage battery industry. According to informed sources, the meeting gathered 16 enterprises, including 13 power battery and ESS battery enterprises and 3 system integrators.

(2) US Fed - ① Milan: Approximately 150 basis points of interest rate cuts are expected in 2026. ② Trump stated that he has decided on the candidate for the next Fed Chairman. ③ Besant urged the US Fed to further cut interest rates and said that Trump is expected to announce the Fed Chairman candidate this month.

Spot Market:

On January 9, the SMM #1 refined nickel price was 135,800-148,000 yuan/mt, with an average price of 141,900 yuan/mt, down 7,150 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 8,000-10,000 yuan/mt, with an average premium of 9,000 yuan/mt, flat from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -200-300 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2602) opened lower and moved lower during the night session, pulled back after a slight surge in the morning, and closed the morning session at 137,160 yuan/mt, down 4.02%.

Nickel prices continued to pull back significantly today, with market sentiment shifting from frenzy to caution, presenting a typical pattern of intense confrontation between "strong expectations" and "weak reality." In the short term, close attention should be paid to the specific implementation and enforcement of Indonesia's nickel industry policies, and market fluctuations may intensify.